HW$20$: Problem $2$

$(1$ point$)$

A couple has decided to purchase a $$160000$ house using a down payment of $$18000.$ They can amortize the balance at $11\%$ over $25$ years.

a$)$ What is their monthly payment?

Payment $=$$

b$)$ What is the total interest paid?

Total interest paid $=$$

c$)$ What is the equity after $5$ years?

Equity after $5$ years $=$$

d$)$ What is the equity after $20$ years?

Equity after $20$ years $=$$

Note: You can earn partial credit ori this problem.